Mobile FinTech Latin America drives one of the most dynamic changes in the region’s financial landscape. Over the past decade, cash has steadily lost its dominance. In 2014, around 67% of in-store purchases used cash. By 2024, that figure dropped sharply to just 25%. Meanwhile, digital payments in eCommerce jumped from 14% to 48%. Experts now forecast that number will climb to 66% by 2030.
Several factors fuel this trend. Smartphone access continues to rise. Internet connectivity has improved significantly. Trust in digital platforms is also growing fast. In cities like São Paulo, Buenos Aires, and Bogotá, mobile payments have become a part of daily life. Small shops, bus fares, and even street vendors now accept QR code payments. Clearly, this shift no longer belongs only to the tech-savvy. People of all ages and income levels are embracing mobile finance.
FinTech Platforms Leading the Charge
Brazil’s Pix platform stands out in this transformation. The Central Bank of Brazil launched Pix to simplify real-time payments. And it worked. In 2024, Pix handled over 64 billion transactions — a 53% increase from the previous year. In December alone, Pix processed more than 1 trillion reals in B2B payments. Consumers love its ease of use, speed, and zero-cost model. Businesses have adopted it widely.
Argentina follows a similar path with Mercado Pago. It began as a tool for Mercado Libre shoppers. Today, it serves millions daily as a complete digital wallet. Users can send money, pay bills, and access credit or investment tools. Its loyalty programs also keep customers engaged. Importantly, it helps people manage their money better — all from their phones.
This FinTech rise does more than replace cash. It breaks down long-standing financial barriers. Millions who lacked banking access now use mobile wallets. With each digital transaction, the region moves toward a more inclusive economy.
As mobile FinTech Latin America continues to grow, it reshapes how people spend, save, and connect. This momentum not only fuels innovation but also sets a global example for emerging markets.
News Source: Pymnts.com
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